compenn 0 Report post Posted December 10, 2005 Hi Guys, Since most of us gave feedback that we shud be able to discuss anything interesing on this forum.... I want to know different methods that most of you use to save tax. Whats your opinion about "Is it better to to just let the govt deduct the moolah or invest in tax saving instruments as most of them have a lock in period of 6 years?" Also can some members enlighten us about different tax saving options and pros and cons of each...? being an engineering guy never understood finance too well Share this post Link to post Share on other sites
Chirag 5 Report post Posted December 11, 2005 It is definitely wise to invest money in some tax saving instruments. And to note, there are quite alot available these days. Moreover, as wise ppl say, all ur eggs shudn't be in the same basket. So investments must be made in different categories only after clearly understanding its implications on the short term and the long term. Secondly, if u r investing money, u r saving or investing for the future. Hence a 3yr or a 6yr lock in period shudn't be a hindrance. And with the way equity is going and our robust economy, there is every reason to invest now!! My studies have never been in the finance. But i come from a background, where finance is discussed widely in the family. Since i never did enuf schooling on this subject, i read alot abt it online, to keep myself updated over this. There r tonnes of sources available to read and analyse whats going on. What i understand, broadly, is that ur initial investments shud be in savings or any instruments which are totally secure and only then u shud take a plunge in a lil risk-high return investment. And at all points in time, there shud be a good balance between the two. Share this post Link to post Share on other sites
anujit 0 Report post Posted December 11, 2005 Yeah investing is always good. And now tax is structured as such to force you to save otherwise the tax man will take it away from you! So its better to lock it up for a period of time and earn some interest on it, rather than having the income tax department steal it from you! Share this post Link to post Share on other sites
rEdshiFt 1 Report post Posted December 11, 2005 (edited) here, found something on another board... might come handy All credit to the orginal poster guessmewho Income Tax Planner + Calculator 2005-2006 !!!The Tax Planner/Calculator I have designed a Tax Planner which also has calculators for finding EMI, value of PPF, how to become crorepathi etc. Please give your suggestions. I hope it is useful to alteast a few here DIRECT LINK :: AsRight Click and Save Target File Type/Size :: Easy to Use Excel Sheet of 99 KB Suggestions on using the Tax Planner 1. There are three sheets in the Excel file. * First one is the "Planner" and it is empty for you to use. * The Second one is called "Sample Tax Calculation" where I have shown a sample for you. * The Third sheet is very useful with 'Handy Calculators' for EMI, returns and How to become crorepathi. 2. Input your Sex by Selecting either 'Mr' or 'Miss/Mrs' in the drop down combo box and also supply your age as this will affect the tax calculations 3. Input your salary and investment data in the 'Yellow' coloured cells only. The others cells are disabled to aid you better. 4. You can change your investment details to see the immediate effects in your tax calculations. for example if you are planning to buy a house, you can input the 'Principal' and 'Interest' you will pay per year and see how that will save you tax. Screenshots of the Tax Planner/Calculator 1. The Tax Planner Sheet (There will 2 sheets like this, one for you and one with sample calculation) 2. The Various calculators like EMI, PPF, Crorepathi etc Edited December 11, 2005 by rEdshiFt Share this post Link to post Share on other sites
abhay 0 Report post Posted December 11, 2005 hey cool sheet m8 though not of any use to me! my CA handles all this for me but a again cool one! innovative idea Share this post Link to post Share on other sites
